Mike Novogratz Bitcoin Prediction: BTC To Surpass $20K After Q2 2019

Since Mike Novogratz, a former Wall Street banker, has forayed into the crypto ecosystem, he hasn’t shied away from making predictions regarding the future of this nascent industry and the value of crypto assets, like Bitcoin (BTC). And although some of his comments and forecasts have come under fire from industry pundits, with a recent report from Financial News London, it seems that the long-running Novogratz saga has continued, with the prominent investor issuing further comments and predictions regarding this market.

Speaking with Financial News, a Dow Jones-backed media outlet focused on finance, Novogratz, who is currently the CEO of Galaxy Digital, explained that BTC’s relative non-action is likely to bite the dust as 2019 dawns.

However, before this happens, Novogratz explained that bitcoin “has to take out $6,800,” which has long been seen as a key level of resistance and support for the now 10-year-old cryptocurrency. If by any chance, BTC surpasses $6,800 convincingly, with this move being denoted by strong volume and positive sentiment, the former Goldman Sachs partner added that $8,800-$9,000 by year’s end has a high likelihood of occurring.

Interestingly, while $9,000 come January 1st, 2019 is entirely within the realm of possibility, this figure is far from his previous predictions, in which he forecasted for bitcoin to reach and surpass $10,000 by this year’s end.

His declining prediction and relatively dismal outlook could indicate that declining volatility and volumes have somewhat dissuaded his bullish sentiment, which ran free in late-2017, which was when the Galaxy Digital executive called for BTC to surpass $40,000 and Ether (ETH) to eclipse $1,500.

According to eToro senior market analyst Mati Greenspan, bitcoin is in amidst a parabolic bull cycle and is on track to sustain its strong momentum over the medium to long term.

Since January, within less than six months, the bitcoin price has increased by nearly 100 percent against the U.S. dollar.

With a 98% gain year-to-date, bitcoin has outperformed most assets in 2019
(source: coinmarketcap.com)

Still, despite its large short-term rally, Greenspan noted that the dominant cryptocurrency is only at the start of a bigger cycle that may lead to new highs for the asset.

WHY INDUSTRY EXECUTIVES ARE SO OPTIMISTIC IN BITCOIN

In December 2018, the bitcoin price dropped to its lowest yearly point at $3,150. At the time, even though the industry had demonstrated significant progress in improving the infrastructure supporting the asset class, the sentiment around…

World’s third largest cryptocurrency Ripple (XRP) has appreciated up to 31-percent against the US dollar in just two days.

The XRP-to-dollar exchange rate Tuesday established an intraday high towards $0.405, up 25.05% since the market open on Luxembourg-based Bitstamp exchange. The pair dropped as much as 5.05-percent ahead of the European session to neutralize its overbought sentiments, finding interim support at $0.384-level.

RIPPLE (XRP) SURGES 25% IN A DAY | SOURCE: TRADINGVIEW.COM, BITSTAMP

The sentiment was the same across the rest of the cryptocurrency index, with almost all the leading cryptocurrency posting surplus intraday gains. Bitcoin (BTC), for instance, extended its rally action to establish a new 2019 peak towards $8,836.19. Ethereum, EOS, and Bitcoin Cash too recorded double-digit percentage gains on a 24-hour adjusted timeframe.

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Facebook, the largest social media giant, made news after it announced that it would launch its own cryptocurrency, Facebook Coin. It was also rumoured that Facebook was looking out for VC firms to invest in their cryptocurrency project, with the targeted sum being “as much as $1 billion.”

Now, according to an official announcement, Facebook is going to lift its ban on cryptocurrency and blockchain related ads on its platform.

The facebook statement read :

“Starting 5 June, we will update our Prohibited Financial Products and Services Policy to no longer allow ads promoting contracts for difference [CFDs], complex financial products that are often associated with predatory behaviour. These products, due to their complexity, often mislead people.”

Facebook had implemented the ban on cryptocurrency ads and promotional campaigns related to blockchains and ICOs back in January 2018. It was believed that the ban was to tackle concerns…

Craig Wright, a man who, as WIRED wrote about back in 2016, either created Bitcoin or very badly wants someone to believe he did.

Now rumours are swirling through the Bitcoin world that Wright himself is poised to publicly claim—and possibly offer some sort of proof—that he really is Satoshi Nakamoto, the mysterious inventor of Bitcoin. If he does, he’ll have to convince a highly skeptical cryptography community for whom “proof” is a serious word, and one that requires cryptographic levels of certainty.

The suggestion is that Wright, an Australian cryptographer and security professional, has arranged to perform a demonstration for media in London sometime in the next week that’s intended to convince the world he’s bitcoin’s creator.1 Luckily for any legitimate claimant to the Satoshi throne—and for bitcoiners tired of the long succession of unproven candidates and speculation—there are some clear, almost incontrovertible ways for Satoshi Nakamoto to prove himself. When…